Culp posts 30 loss as sales drop 9.8%

February 2005
Furniture/Today;2/28/2005, Vol. 29 Issue 25, p47
Trade Publication
The article reports that fabric supplier Culp Inc. has blamed competition from leather, microfibers and imported goods for a 9.8% sales decline and a $4.9 million net loss in its third quarter. CEO of the company Rob Culp III said that they are operating in a global economy, and he believes U.S. furniture and mattress makers still will rely on U.S. sources for certain products, especially mattress ticking. The $4.9 million net loss compares to a $752,000 profit in the year-earlier third quarter. The latest quarter's results included an after-tax charge for restructuring and related costs of $3.4 million.


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